St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-29
WALL STREET WILD.
Jay Gould Gets In a Very Good
Days Work.

Special to the Globe.
NEW YORK, June 2S.-The street has
settled down to the belief that Gould
and Sage are deliberately after Cyrus
Fields financial scalp, and whether true
or false will not accept any other explaa
nation of the present condition of the.
market. The true inwardness of the
affair is just beginning to come out, and
it begins with GOuld's chagrin at the rel
cent defeat of his son George for presi-
dent of Pacific Mail. This was brought
about by Henry Hart, who is loaded
down with this stock. He worked hard
to defeat George Gould, and succeeded
He is finding out that it is a serious matt
ter to buck against Gould. At the
time of the election rumOrS of GOuld'S
anger were denied and Hart was author
ity for the statement that he had prOmt
ised to keep Pacific Mail about so. This
morning it came tumbling down to A.
and Hart had to unload. 1t is reported
to have cost him a nice little sum, and
will dOubtleSSly end in his having to
yield the presidency of Pacific Mail to
George Gould. Hart is also president
of the Third avenue surface line in this
city, the greatest enemy of GOuld's ele-
waited road. This gives credence to the
statement that Gould has double pur-
pose in his hot chase of Hart. The
cause of the combined attack of Gould
and Sage against Field is not so APP
parent, but Field marked Manhattan up
against the wishes of Gould
andsQSage to ITO not very long
since. AT that figure its valuation was
S44, 100000. Of this capital stock Field
generally intimated that he held about
S7,5O0,000 at par, and that Gould and
Sage Jointly held enough more to give
all three of them control. To-day there
was a shortage of 5000, 600 in the value
of Manhattan from the point to which
Mr.. Gould had inflated it. The whole
market to-day was feverish and uncer-
tain, tiuctuating up and down with few
buyers and no abiding confidence in the
future. The uncertainty as to whether
the downward tendency of prices is due
to manipulation for Interior purposes OF
to general liquidation is operating to
paralyZe trade and make legitimate
dealers exceedingly cautious. The only
thing certain is that the market is
utterly demOralized and altogether at the
mercy of the bears. Among the usually
staple and stable stocks which
have, without apparent cause,
felt the effects of the uncertain
market is st. Paul, which, despite
ArmOur'S proteStatiOns of the great
earning capacity of the road and the
enormous business awaiting it has
steadily declined. The Chicago crowd
have shouted themselves hoarse in eff
forts to hold this, their favOrite, up,
and Armour has flooded the street with
bulling kilograms, but all to no purpose.
The street puts no more confidence in
his positive assurance than in anybody
elSe's, and the price of his pet security
continues to drop. 1t has gone down
from 81 to sc, and is still declining.
People look upon ArmOur'S bull tele-
grams as all buncombe, intended merely
to work off his watered stock. 1t is an
accepted rumOr here tonight, though
hard to SubStantiate on reliable author
ity, that Gould to-day bought $4,000
shares of Manhattan elevated stock
paying Field 1922 share for it. This,
IT true, will force Field out of the board
of directors. Il
A man who holds close relations with
Gould said tonight: ''It is true that
Gould and his friends have secured
$4,000 shares of Manhattan stock. This
gives him complete control of all the
elevated roads in the city and practi-
cally forces Cyrus Field from the mane
agement. 1t may result in a return t6
10-cent fares, for Gould was opposed to
the scent reduction, while Field cham
pioned it. Gould has accomplished three
things by forcing this panic. He has
crushed Henry Hart in Pacific Mail and
can dictate terms there; he has got his
own way in Manhattan, and has so tan
manipulated the Baltimore q Ohio deaf
that he can crush it at any moment OF
so arrange it as to bring about salts
factory settlement of the long existing
telegraph troubles E